The Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on the "Rankings" and "Trading Logs" pages.
Stocks delivered a mixed, range-bound performance this week, with major indices showing marked dispersion as investors weighed the first rate hike from the Fed since 2003. Rising oil prices from the escalation of conflict in the Middle East and rising Treasury yields also weighed on stock prices. However, early-week caution gave way to a targeted technology rally, propelled by mega-cap software and semiconductor names that absorbed broader interest-rate anxiety. For the week, the S&P 500 slipped a modest 0.08% to close at 7,650, the Dow Jones Industrial Average dropped 1.69% to finish at 51,682, while the tech-heavy Nasdaq Composite outperformed, rising 0.72% to settle at 26,522.
From a technical perspective, the S&P 500 continued to build a high-level digestion base, holding within striking distance of its recent consolidation range despite mid-week intraday pressure. Price action saw the index test its 100-day EMA on the daily chart, with buyers stepping in to defend key 7500 support and prevent a deeper structural breakdown. Overhead resistance remains clearly defined at the 7,720–7,750 region, requiring a high-volume weekly close to re-ignite the primary uptrend toward the 7,850 target. On the downside, the 7,600 zone continues to serve as immediate technical support, backed by our primary structural floor at 7,500. With the S&P 500 settling at 7,650.00, our long-term structural trend-following indicators remain firmly in a "Hold" posture with no sell triggers fired.
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| The weekly chart of the S&P 500 index |
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